Artificial Intelligence Market Size, Share, Revenue & Top Players Forecast till 2030 | Intel Corporation, SAP SE, Xiaomi, Facebook, Qualcomm, Cisco Systems, Inc., Microsoft Corporation, MediaTek Inc, Baidu, Inc., Nvidia, Clarifai, Inc, Cyrcadia Health, an

The global artificial intelligence market held USD 61 billion in 2020 and is to grow with a CAGR of 38% from 2020-2030. This information is published by Decision foresight, in its report, titled, “Global Artificial Intelligence Market, 2020-2030.”With the growing use of artificial intelligence (AI) in a variety of fields such as mobility, banking, healthcare, commerce, education, and law enforcement, AI is becoming increasingly important. These sectors may utilise AI to provide online and offline features including real-time offer management, automated checkout systems, and better behaviour analytics.

COVID-19 Impact: Affirmative Commercial Business Sales Observed amid Pandemic

The pandemic of COVID-19 has prompted new uses and technical advancements in the field. It has advanced AI adoption in industries like healthcare. In order to respond to the crisis, AI-based tools and solutions are being deployed in large numbers. Technology behemoths including Microsoft, Google, Apple, Amazon, and Facebook are pursuing efforts in remote patient-clinician communication, contact tracing, and medication research. Various firms faced a considerable rise in consumer pressure during the epidemic, but their number of available staff fell. Conversational AI has risen to the forefront of technological enablement in recent years.

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List of Key Players Covered in this Market Report

• Intel Corporation
• SAP SE
• Xiaomi
• Facebook
• Qualcomm
• Cisco Systems, Inc.
• Microsoft Corporation
• MediaTek Inc
• Baidu, Inc.
• Nvidia
• Clarifai, Inc
• Cyrcadia Health
• Rockwell Automation, Inc.
• Siemens AG
• Oracle Corporation
• IBM Corporation
• PTC Inc
• Google Inc
• AT&T
• Huawei Corp
• Samsung Electronics
• Hewlett Packard Enterprise
• Amazon Web Services, Inc

Aside from healthcare, AI has been changing a variety of sectors in order to maintain company resiliency. Even online education start-ups began to offer tailored services based on the needs and particular requirements of students as the education sector began to use AI. The COVID-19 problem has highlighted the necessity to convert traditional education into a technology-driven system. Apart from altering the learning approach, AI-powered computers helped instructors in a variety of ways, including measuring student progress, detecting gaps in teaching strategies, and automating tasks.

Segmentation

The worldwide market may be divided into segments based on AI Market is segmented by type of the component (Hardware, Software, and Services), end-user industry (BFSI, Fashion and Retail, Healthcare and Life Sciences, Automotive, and Manufacturing, among others), By technologies such as Machine Learning, Deep Learning, Supervised Learning, Unsupervised Learning, Reinforcement Learning, Natural Language Processing, Context-Aware Computing, Computer Vision and geography. The Artificial Intelligence idea may be applied to a variety of applications, including environmental monitoring, infrastructure management, industrial applications, energy management, medical and healthcare systems, and so on.

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Drivers and Restraints

Technologies such as Deep learning and Artificial Neural Networks have aided AI adoption across a variety of industries to Drive Market Growth

Computer vision research has paved the way for digital image processing in a variety of industries, including security and surveillance, healthcare, and transportation. The way AI versions are taught and deployed is expected to change as a result of these new machine learning approaches. Advancements in deep learning and Artificial Neural Networks have aided AI adoption across a variety of industries, including aerospace, healthcare, manufacturing, and automotive. Traditional machine learning methods are being replaced by Artificial Neural Networks to develop precise and accurate versions. Digital image processing approaches have resulted from recent advances in computer vision technology, such as Generative Adversarial Networks and Single Shot Multi Box Detector Images and movies recorded in poor light or with low resolution, for example, can be converted into HD quality using these approaches.

With Artificial intelligence, Businesses may scan massive volumes of market research data in considerably less time than traditional techniques by employing algorithms built using data from sources such as Amazon, Walmart, and Target. Artificial intelligence is fast proving to be less expensive than traditional market research approaches. Artificial neural networks are used in deep learning models to analyse vast amounts of data, such as pictures, texts, and sounds, in order to provide correct results. AI-driven automation has shown to be beneficial in a variety of areas, including aviation, medical, agricultural, energy, and material handling.

Regional Insights

North America has the greatest share of the worldwide AI market. Because of skilled researchers, engineers, and inventive entrepreneurs, the United States has always been technologically sophisticated. Many well-known tech businesses have arisen as a result of the latest wave of digital innovation, including Amazon, Apple, Facebook, Google, and Microsoft. Since then, many countries have recognised AI's rising potential to enhance productivity, safeguard national security, boost competitiveness, and assist in the resolution of social issues. The United States has a powerful industrial transformation that is boosted by tactical federal investments in advanced technology and complemented by the presence of visionary scientists and investors from around the world, as well as renowned research institutions, which has driven artificial intelligence advancement in the North American region.

 Asia Pacific will be following the trend after the North America due to huge technical advancement in China & India. China's industrial policy efforts have progressed substantially. The growing focus on breakthrough new artificial intelligence technologies, concentration on AI, which was endorsed at the highest level of government. Innovation-Driven Development Strategy implies that China is about to embark on a new wave of technological transformation with significant disruptive potential. The utilisation of private firms with more AI expertise than their government-owned equivalents helped AI to grow in region. While government assistance is more crucial than ever, the Chinese government is increasingly focusing on financial and technical mechanisms that might be compatible with private-sector efforts. The importance of using digital technology to help restore China's cities. It is both a macro and a micro issue in terms of establishing vast new metropolitan zones and supporting smart city initiatives that may serve as test beds for future AI technology.

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Competitive Landscape

Market players are investing heavily in start-ups and midsized businesses in order to provide cost-effective solutions.

Companies are investing heavily in new technologies such as artificial intelligence (AI), cloud computing, and others. Key companies have been able to extend their businesses into numerous end-user industries and acquire a competitive advantage as a result of their investments in sophisticated technology. Established market players are investing heavily in start-ups and midsized businesses in order to provide cost-effective solutions to end-user sectors like as healthcare, manufacturing, retail, and others. Though corporations do not want to replace people, they do want to make robots more compassionate. The top artificial intelligence market competitors competed toe-to-toe with one other to offer the finest application based on AI. Take, for example, Samsung's recently unveiled Neon initiative. Neon is a computer-generated virtual creature that looks and acts like a real person, including displaying emotions and intellect.

Industry Development

July 2021: Google LLC released Rapid Response Virtual Agent, an AI-enabled chatbot for call centres, in April 2020. This chatbot was created to help consumers with concerns related to the COVID-19 outbreak via voice, chat, and other social media platforms. Similar chatbot is also implemented by Amazon for its customer services already.

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This release was published on openPR.